Tweedy Browne

Tweedy Browne

Last Update: 2015-02-12
Related: Tweedy Browne Global Value

Number of Stocks: 49
Number of New Stocks: 1

Total Value: $3,906 Mil
Q/Q Turnover: 1%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Tweedy Browne Watch

  • Three Gurus Invest in Chilean Conglomerate in Fourth Quarter

    Three gurus have made large investments recently in Antofagasta PLC (ANTO.UK). Antofagasta may not be a household word in America, but it is one of the most important conglomerates in Chile. It has offices in London as well as Chile and is listed on the London Stock Exchange, where it is the 33rd-largest company.


    Antofagasta is one of the world’s leading copper producers, operating four copper mines in Chile, which has a rich deposit of copper in its northern desert. It also operates an extensive railroad network, and it is involved in banking and regional water distribution among other things. Nearly two-thirds of the company is owned by Chile’s prominent Luksic family.

      


  • Inside One of Value Investing’s Greatest Minds: Chris Browne

    Beating the stock market is actually quite simple, so why do most investors find market-beating returns so elusive?


    The success of value strategies has been well documented for at least the past 60 years. It’s no secret, now well into the 2010s, that beating the market is as simple as putting together a diversified portfolio of value stocks and rotating those stocks when they appreciate back up to fair value. It’s baffling, then, why so few people actually take advantage of this very simple strategy, despite the evidence.

      


  • Tweedy Browne Global Value Q4 Portfolio Updates

    The Tweedy Browne (Trades, Portfolio) Global Value fund follows the Ben Graham value-oriented approach, and invests primarily in foreign securities, though U.S. stocks are included on a limited basis if opportunities are attractive.


    As of Dec. 31, the fund had about $8.7 billion in assets under management. According to the fourth quarter shareholder letter, the consumer, financials, and materials sectors held up the best during the quarter. Oil and gas, banks, and machinery companies underperformed in the quarter.

      


  • Tweedy Browne Fund Q4 2014 Commentary

    Global and international equity market indices (in local currency) moved higher in the 4th quarter despite increasing equity market volatility caused in part by the continued rapid decline in oil prices. With respect to relative performance comparisons, it was a difficult quarter for the Tweedy, Browne Funds largely due to their underweightings in US equities and their overweightings in energy related holdings. The absolute and relative results since inception for all of our Funds remain strong.


    The Funds do not impose any front-end or deferred sales charges. However, the Global Value Fund, Global Value Fund II – Currency Unhedged and Worldwide High Dividend Yield Value Fund impose a 2% redemption fee on redemption proceeds for redemptions or exchanges made within 60 days of purchase. Performance data does not reflect the deduction of the redemption fee, and, if reflected, the redemption fee would reduce the performance data quoted for periods of 60 days or less. The expense ratios shown above reflect the inclusion of acquired fund fees and expenses (i.e., the fees and expenses attributable to investing cash balances in money market funds) and may differ from those shown in the Funds' financial statements.

      


  • Guru Stocks at 52-Week Lows: VZ, T, IBM, RY, MCD

    According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows.


    Verizon Communications Inc Reached the 52-Week Low of $46.35

      


  • Weekly Guru Bargains Highlights: BSBR, BBVA, PBR.A, BBL, PKX

    According to GuruFocus updates, these stocks have declined the most since Gurus have bought.


    Banco Santander Brasil SA/Brazil (BSBR): Down 23% Since Mario Gabelli (Trades, Portfolio) bought in the quarter ended on Sept. 30, 2014

      


  • Use this Critical Concept to Pick Better Value Stocks

    People fear risk to such an extent, they tend to make the bulk of their decisions based on trying not to lose— which is often the suboptimal strategy if your goal is to profit.


    Many of us fear downside without properly factoring in the upside. When driven by emotion or irrational forces, there is a natural tendency to avoid risk, consequently lowering the chance for success.

      


  • Guru Stocks at 52-Week Lows: GOOG, VZ, HSBC, SNY, TOT

    The prices of Google Inc (GOOG) shares have declined to close to the 52-week low of $496.17, which is 19.2% off the 52-week high of $604.83. Google Inc is owned by 39 Gurus we are tracking. Among them, 13 have added to their positions during the past quarter. 18 reduced their positions.


    Google Inc was incorporated in California on September 4, 1998 and reincorporated in Delaware in August 2003. Google Inc has a market cap of $357.09 billion; its shares were traded at around $496.17 with a P/E ratio of 26.10 and P/S ratio of 5.00. Google Inc had an annual average earnings growth of 33.30% over the past 10 years. GuruFocus rated Google Inc the business predictability rank of 3-star.

      


  • Guru Stocks at 52-Week Lows: RDS.A, CVX, VZ, T, IBM

    Royal Dutch Shell PLC (RDS.A) reached the 52-week low of $65.56


    The prices of Royal Dutch Shell PLC (RDS.A) shares have declined to close to the 52-week low of $65.56, which is 21.9% off the 52-week high of $83.42. Royal Dutch Shell PLC is owned by 22 Gurus we are tracking. Among them, eight have added to their positions during the past quarter. 8 reduced their positions.

      


  • The Top 5 European Stocks Held During Q3

    GuruFocus publishes the implied future returns for the 18 largest stock markets in the world, which can be found on the Global Market Valuation page under the Market tab.


    These market valuations are measured by the ratio of total market cap to GDP. As of Nov. 5, of the 14 markets listed in the valuations of developed countries, the projected annual return for the U.S. market is 0.6%, beating only Japan at 0.5%.

      


  • Tweedy Browne Semi-Annual Letter to Shareholders

    “Everything is in a state of flux, including the status quo.” Robert Byrne


    In our shareholder letter of one year ago, we used the same quote. We are using it again not because we’re lazy or incapable of coming up with something new to say, but rather because it underlines some of our thoughts about equity markets, the challenges which seem to be part of the DNA of markets, and for what it is worth, our perspective on how to think about the business of investing. A year ago, much of the conventional market wisdom was that Japan was “working out,” and Europe was probably a better bet than the U.S., and for sure a better bet than the emerging markets. There was an undercurrent of concern about the level of economic growth around the world, but it did not stand in the way of a further rise in equity prices. The double-barreled worry of secular stagnation and deflation was certainly not on the front pages of the business sections. In fact, you would have to go back to 2011 for a meaningful interruption in the rise of equity prices over the past five years. For those who simply enjoy the ride on a rising equity market, the past couple of years have been a pleasant experience. For those who think about individual business valuations as an important underpinning of equities, rising stock prices bring with them valuation considerations which we have talked about in previous letters.

      


  • Tweedy Browne's Recent Stock Purchases Still Try to Follow Graham's Philosophy During the Market's All-Time High

    Tweedy Browne (Trades, Portfolio) has been in business for almost 90 years and even had Benjamin Graham, the father of investing, as a client between 1930 and 1940. This investment partnership is owned by William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff, Jr.


    Christopher H. Browne, William H. Browne and John D. Spears make up the operations management team.

      


  • Tweedy Browne’s Q3 2014 Commentary

    Volatility returned to global equity markets near the end of the third quarter, helping to drive international and global indices off their previous highs. Largely due to declines in energy related shares, an underweighting in US-based companies, and a strengthening US dollar, all four of our Funds finished the quarter modestly in the red. The US dollar was up against most major currencies between 5% and 8% during the quarter, negatively impacting currency translated returns, particularly into our two unhedged Funds. With the exception of our Unhedged Global Value Fund’s return, which was marginally negative, our other Funds finished the year-to-date period in positive territory. While volatility is unsettling to many, it does carry with it potential opportunities to put some of our cash reserves to work.


      


  • Tweedy Browne’s Q3 2014 Commentary

    Volatility returned to global equity markets near the end of the third quarter, helping to drive international and global indices off their previous highs. Largely due to declines in energy related shares, an underweighting in US-based companies, and a strengthening US dollar, all four of our Funds finished the quarter modestly in the red. The US dollar was up against most major currencies between 5% and 8% during the quarter, negatively impacting currency translated returns, particularly into our two unhedged Funds. With the exception of our Unhedged Global Value Fund’s return, which was marginally negative, our other Funds finished the year-to-date period in positive territory. While volatility is unsettling to many, it does carry with it potential opportunities to put some of our cash reserves to work.


      


  • Tweedy Browne Global Value Fund's Top Picks for Q3

    The Tweedy Browne (Trades, Portfolio) Global Value Fund (TBGVX) in the third quarter selected just one new holding, Canada’s Pacific Rubiales Energy Corp (TSX:PRE), and bought additional shares of 10 of its existing holdings, the largest of which were: Antofagasta Plc (LSE:ANTO), SCOR SE (XPAR:SCR) and GlaxoSmithKline Plc (LSE:GSK).  


  • Why Hedge Fund Guru Charles Brandes Sold Out Total S.A.?

    In this article, let´s consider Total S.A. (TOT), a $154.1 billion market cap, which has a trailing P/E ratio that indicates that the stock is relatively undervalued (PE 12.6x vs Industry Median 13.9x).


    So in this article, let's take a look at a model that is applicable to stable, mature, dividend-paying firms and try to find the intrinsic value of the stock. Although the model has a number of characteristics that make it useful and appropriate for many applications, it is by no means the be-all and end-all for valuation. The purpose is to force investors to evaluate different assumptions about growth and future prospects.

      


  • Tweedy Browne’s Second Quarter 2014 Commentary

    With the VIX (proxy for market volatility) at its lowest level since 2007, it is not surprising that investors’ tolerance for risk appears to be growing, as evidenced by the continued strength in global equities and most other financial instruments. In a fascinating study conducted by John Coates, a research fellow at Cambridge, linking risk taking to physical responses to stress, it was shown that when market volatility is high, cortisol (the “stress hormone”) levels increase, causing investor appetite for risk to decline. Conversely, when levels of market volatility are low, cortisol levels remain largely unaffected, resulting in a greater willingness on the part of investors to take on risk. One could argue that the complete transparency of central bank monetary policy around the globe, particularly in the United States, has caused the release of “one of the most powerful potential brakes on excessive risk taking in stocks.”† Whether or not we have reached bubble territory is subject to debate, but investors should be cognizant that, if risk is indeed largely predicated on the price one pays for a security, it is no time for complacency. As you well know, we are not about to make forecasts because in our mind, we are not sure from an investment standpoint that they are much better than random guesses. We think of ourselves as being in the business of chasing value, not performance, and we do know that we have to pay, on average, a whole lot more for a dollar of value today. Our experience has taught us that if we keep looking, and exercise some patience, opportunities will turn up.


      


  • Tweedy Browne's Q2 2014 Shareholder Letter

    With the VIX (proxy for market volatility) at its lowest level since 2007, it is not surprising that investors’ tolerance for risk appears to be growing, as evidenced by the continued strength in global equities and most other financial instruments. In a fascinating study conducted by John Coates, a research fellow at Cambridge, linking risk taking to physical responses to stress, it was shown that when market volatility is high, cortisol (the “stress hormone”) levels increase, causing investor appetite for risk to decline. Conversely, when levels of market volatility are low, cortisol levels remain largely unaffected, resulting in a greater willingness on the part of investors to take on risk. One could argue that the complete transparency of central bank monetary policy around the globe, particularly in the United States, has caused the release of “one of the most powerful potential brakes on excessive risk taking in stocks.”† Whether or not we have reached bubble territory is subject to debate, but investors should be cognizant that, if risk is indeed largely predicated on the price one pays for a security, it is no time for complacency. As you well know, we are not about to make forecasts because in our mind, we are not sure from an investment standpoint that they are much better than random guesses. We think of ourselves as being in the business of chasing value, not performance, and we do know that we have to pay, on average, a whole lot more for a dollar of value today. Our experience has taught us that if we keep looking, and exercise some patience, opportunities will turn up.

      


  • Tweedy Browne Global Reports a New Position, with 3 Top Increases

    The Tweedy Browne (Trades, Portfolio) Global Value Fund is composed of non-U.S. stocks, except when U.S. stocks have more appealing valuations. The fund as has $8.6 billion in net assets and since its 1993 inception, it has returned 10.3% on average annually.  


  • Japanese Net Nets: Fantastic or Foolish?

    Investors should be forgiven for feeling weary of investing in Japanese net nets.


    Over the past 25 years, Japanese equity valuations have been viciously attacked by bears, eroding their value roughly 80% from their 1989 high. Even today, with word spreading about the tremendous bottom up value investing opportunities available in Japan, investors face some seemingly insurmountable hurdles.

      


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